By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BIMINI Bay's principal expects to see occupancy levels at the multi-million dollar resort and marina reach 85-90 per cent through the addition of its $24 million luxury boutique casino and the imminent Balearia ferry service, telling Tribune Business: "We have survived."

Gerardo Capo said that while the economic downturn had taken a toll on the property over the past two to three years, he expected to create another 300 jobs at the resort, aided by his 50/50 joint venture casino partnership.

Premier gaming company, Genting Malaysia Berhad, and Mr Capo's RAV Bahamas, developer of the Bimini Bay Resort and Marina, have unveiled a joint venture agreement to develop a 10,000 square foot luxury boutique casino at Bimini Bay, to be known as Resort Works Bimini Casino.

The casino will feature full-scale table games, slots and sports betting. Construction on the casino is underway and it is scheduled to open in December 2012.

The $24 million investment, according to Mr Capo, will catapult the Bimini Bay Resort and the island's economy forward, and will provide an additional 300 jobs.

Mr Capo told Tribune Business: "The past few years, the economy has been bad. It has taken a toll for the past two to three years. We have survived.

"We still have a lot of Bahamians employed with us; not as much as before but we still have a crew of Bahamians working with us. Right now we have about 200 employees at Bimini Bay, and we are looking to eventually add about 300 people more. It's a 50 per cent partnership. Since March of last year things have started to change, things started to pick up for us, and now this will catapult us more into what we want to do - stepping to another level."

Mr Capo added: "The occupancy levels we expect to go to 85 and 90 per cent with what we are now doing with the casino and the ferry coming in. Bimini has had a problem with transportation. We are trying to convert Bimini to an all year-round destination. The ferry service is going to have a dramatic impact. It's going to be like day and night."

Speaking at the announcement of the joint venture between Genting and RAV Bahamas on Friday, Prime Minister Perry Christie said: "This partnership, when you play it out for all it will become, envisages an additional hotel and therefore, in terms of projecting numbers, really to a point where this development will bring about the employment of as many of 1,000 people." Mr Christie noted that the two sides began negotiations shortly after his administration assumed office.

Minister of Tourism, Obie Wilchombe, who also serves as MP for West End and Bimini, said he expected the development to have a tremendous impact on Bimini's employment.

"We have to realise that difficulty we face in the various islands, because more people come to New Providence and put a strain on this island. We want to cause development and growth in the various islands so that people can return home. I am very happy for the people of Bimini, and for the opportunities that the people of Bimini will have," he said.